Tecomet launches $538.7 million term loan at Libor plus 350 bps

By Sara Rosenberg

New York, Oct. 26 – Tecomet launched on Thursday its $538.7 million first-lien term loan with price talk of Libor plus 350 basis points with a step-down to Libor plus 325 bps at 4 times net first-lien leverage, a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Jefferies LLC is the lead on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 375 bps with a step-down to Libor plus 350 bps at 4 times net first-lien leverage and a 1% Libor floor.

Commitments are due on Wednesday, the source added.

Tecomet is a Wilmington, Mass.-based provider of high precision manufacturing solutions serving global medical device and aerospace and defense original equipment manufacturers.

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